UrbanVolt, the Dublin-headquartered energy-saving LED lighting firm whose backers include rugby star Jamie Heaslip, has announced a new solar solution.
The company, which last year signed a €30 million funding deal with Swiss green energy private equity group Susi Partners, has become internationally known for its "light as a service" offering where it installs energy-efficient lighting for businesses free of charge, with an agreement to split the energy savings between both parties over a five year period.
UrbanVolt’s new solar as a service (SOLaaS) offering works in a similar fashion and forms a critical part of the company’s plan to take one in five clients completely off the grid within the next five years.
Chief executive Kevin Maughan said Irish businesses have been increasingly demanding solar solutions and that it had already signed up a number of customers for the service.
Mr Maughan said companies do not have to sign away their roof space for decades or wait for the introduction of government grants in order to avail of SOLaaS.
“Right now, businesses are being asked by some solar energy providers to sign decades-long legally binding agreements to hand over their roof space or pay upfront installation charges. With SOLaaS, Urban Volt takes on all the upfront cost and risk and, at the end of the seven-year term, our clients own the solar technology and continue to enjoy all the benefits,” he said.
UrbanVolt began trading in 2015 and in its first year of operation completed 100 LED lighting upgrades, which it claims would save clients over €20million. Customers of the company, which employs 25 people locally, include Pfizer, Zimmer Biomet and DCU.